SCO Finally Files Its Late Financial Paperwork

At long last, SCO has filed its almost terminally late 10-Qs and 10-K for 2004 with the SEC.

On Friday, The SCO Group Inc. announced it has finally filed with the Securities and Exchange Commission its amended Form 10-Qs for the 2004 quarters ended Jan. 31, April 30 and July 31 and its annual report for the fiscal year 2004.
SCO is still facing the possibility of being delisted from the NASDAQ SmallCap Market stock market because of its failure to file its annual report, Form 10-K, for the fiscal year ended Oct. 31, 2004, in a timely fashion. In addition, SCO still has not filed its quarterly 10-Q for the first quarter of 2005, which was due on Jan. 31.

Sources close to the Lindon, Utah, company said that the first-quarter 2005 10-Q will be filed shortly.

The company has had a recent major change in ownership as a result of a settlement between the former officers of SCOs parent company, the Canopy Group, and its present ownership. As a result of this agreement, former Canopy CEO Ralph Yarro III received all of Canopys SCO shares. This makes Yarro, former and current SCO chairman of the board, the single largest SCO stockholder.
In mid-March, SCO made its case before the NASDAQ Listing Qualifications Panel in Washington for remaining on the stock market, but no decision was announced at that time by the panel.
In a recent interview, SCO CEO Darl McBride said that the company expected to hear from the panel 30 to 35 days after the hearing. If that is the case, the panel should be rendering a verdict the week of April 18.
SCO is still trading on the market under the scarlet letter listing of SCOXE. The "E" indicates to would-be stock buyers that the company is not in compliance with NASDAQ regulations and may be delisted.
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Steven J. Vaughan-Nichols is editor at large for Ziff Davis Enterprise. Prior to becoming a technology journalist, Vaughan-Nichols worked at NASA and the Department of Defense on numerous major technological projects. Since then, he's focused on covering the technology and business issues that make a real difference to the people in the industry.